This Small Historic Town Was Named the Best Place to Retire in New York — and You Need Less Than $1,800 a Month

Many factors are involved in deciding where to retire, including the cost of living and the price of real estate, as well as social factors like having a community that keeps you engaged and active. And while New York may not be as popular a retirement destination as Florida or Colorado, for example, don’t write it off completely.

A recent report published by GoBankingRates.com determined the best places to retire in each state, based on population statistics, cost of living, and average mortgage costs.

The small town of Fredonia came up on top in the Empire State. It may not be a household name, but Fredonia’s history runs deep — Native Nations have inhabited it since at least the 13th century. Former U.S. senator Samuel Latham Mitchill came up with the name Fredonia in 1829. (Mitchill also suggested it as a new name for the country as he believed the “United States” was too political, according to the National Archives.)

The town was home to the first natural gas well in the country, and its historic district, with its Victorian-era buildings, has been on the National Register of Historic Places for over 40 years.

A large number of Sicilian immigrants settled here in the late 19th century, completely transforming the traditions and fabric of this small town. Every summer, it holds its annual Festival Italia, which honors the roots of many of its residents through food, music, and activities.

According to GoBankingRates.com, Fredonia also has much to offer retirees on a budget. The personal finance website estimates the average monthly cost of living is $1,761, and the average single-family home value as of May 2024 was $195,320. 

Additionally, about 23 percent of the town’s population, which has a little less than 10,000 full-time residents, is aged 65 or older. According to Frednia’s State University of New York (SUNY) campus website, retirees are allowed access to the university’s library, gym, exercise facilities, and financial planning services. 

Along with all the historic sights and educational opportunities, Fredonia seniors enjoy plenty of outdoor recreation. The town is just minutes away from Lake Erie, which is famous for its beaches, fishing, and diving (the lake is home to thousands of shipwrecks). 

Lastly, oenophiles will thrive here, as Fredonia is surrounded by scenic vineyards, which are part of the Chautauqua and Lake Erie Wine Trails. 

As part of its list of the best places to retire in each state, GoBankingRates.com has also published the communities that scored the lowest. In New York, that’s Monsey in Rockland County, with an average monthly cost of living of $2,396 and an average home value of well over $1 million.

You can see the full list of the best and worst places to retire in each state on gobankingrates.com.